The private market estimates the demand mpb and supply mpc, Ask an Expert

Economics

The private market estimates the demand (MPB) and supply (MPC) for a barrel of oil asp =40-.125Qand P= 20+ .075Q respectively, where Q is the number of barrels and b is the price.

What is the equilibrium price and quantity ?

If you include a Marginal External cost of .08Q how would your answer be different?

What would be the change in consumer and producer surplus – use a new graph?

How would the economist justify the loss in consumer and producer surplus?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92234682

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